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F E D E R A L R E S E R V E BA N K O F N E W YORK Fiscal Agent of the United States !* C ircular No. 7 8 5 3 1 April 7, 1976 L J OFFERING OF TWO SERIES OF TREASURY BILLS $2,700,000,000 of 91-Day Bills, Additional Amount, Series Dated January 15, 1976, Due July 15, 1976 (To Be Issued April 15,1976) $3,400,000,000 of 182-Day Bills, Dated April 15, 1976, Due October 14, 1976 To .4M in c o rp o ra te d one? TrM^t Companfe.?, and OfAer^ Concerned, in Me -Second Federa/ Reserve Df^trfct; Following is the text of a notice issued by the Treasury The Treasury Department, by this public notice, invites tenders for two series of Treasury bills to the aggregate amount of $6,100,000,000, or thereabouts, to be issued April 15, 1976, as fol lows : 91-day bills (to maturity date) in the amount of $2,700,000,000, or thereabouts, representing an additional amount of bills dated January 15, 1976, and to mature July 15, 1976 (CUSIP No. 912793 ZY5), originally issued in the amount of $3,403,500,000, the additional and original bills to be freely interchangeable. 182-day bills for $3,400,000,000, or thereabouts, to be dated April 15, 1976, and to mature October 14, 1976 (CUSIP No. 912793 B54). The bills will be issued for cash and in exchange for Treasury bills maturing April 15, 1976, outstanding in the amount of $6,094,635,000, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign and international monetary authorities, presently hold $2,854,980,000. These accounts may exchange bills they hold for the bills now being offered at the average prices of accepted tenders. The bills of both series will be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided, and at maturity their face amount will be payable without interest. They will be issued in bearer form in denominations of $10,000, $15,000, $50,000, $100,000, $500,000 and $1,000,000 (maturity value) and in book-entry form to designated bidders. Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty p.m., Eastern Stand ard time, Monday, April 12, 1976. Tenders will not be received at the Treasury Department, Washington. Each tender must be for a minimum of $10,000. Tenders over $10,000 must be in mul tiples of $5,000. In the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Banking institutions and dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon may submit tenders for account Department, released at 4 p.m. yesterday: of customers, provided the names of the customers are set forth in such tenders. Others will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price range of accepted bids. Only those submitting competitive tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, noncompetitive tenders for each issue for $500,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competi tive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on April 15, 1976, in cash or other im mediately available funds or in a like face amount of Treasury bills maturing April 15, 1976. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differ ences between the par value of maturing bills accepted in exchange and the issue price of the new bills. Under Sections 454(b) and 1221(5) of the Internal Revenue Code of 1954, the amount of discount at which bills issued here under are sold is considered to accrue when the bills are sold, redeemed or otherwise disposed of, and the bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder must include in his income tax return, as ordinary gain or loss, the difference between the price paid for the bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made. Treasury Department Circular No. 418 (current revision) and this notice prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Standard time, Monday, April 12, 1976, at the Securities Department of its Head Office and at its Buffalo Branch. Tender forms for the respective series are enclosed. Please use the appropriate forms to submit tenders and return them in the enclosed envelope marked "Tender for Treasury Bills." Tenders not requiring a deposit may be submitted by telegraph, subject to written con firmation; no tenders may be submitted by telephone. Payment Jcr Trcavary AAA cannot Ac inaafe Ay creafft fAroM^A tAc Treasury Tour awe? Lean ^dcconnf. .ScMtcnicnf Ac n:acfc fn cavA or ofAcr f?nnicdfafc/y a^aAaAJc Jnndv or fw ntafnrfn^ 7Tca^ary Af/A. Results of the last weekly offering of Treasury bills (91-day bills to be issued April 8, 1976, representing an ad ditional amount of bills dated January 8, 1976, maturing July 8, 1976; and 182-day bills dated April 8, 1976, maturing October 7, 1976) are shown on the reverse side of this circular. r,g-t PAUL A . VOLCKER, (OVER) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED APRIL 8, 1976) Range of Accepted Competitive Bids pz-Day High ............................................. Low ............................................... Average ....................................... PWr<? 98753* 98.744 98.747 Bi/P /M/y 6*, zpyd Df-KTOMM? Pa 6? 4.933% 4.969% 4.957% z&?-Day T Afa^rmt/ Pat^l 5.06% 5.10% 5.09% i Equivalent coupon-issue yield. ^Excepting one tender of $1,000,000. P7*nr? 97.333b 97.313 97.324 y Bf//j y, zpyd DPaOMMf Pat^ 5.275% 5.315% 5.293% Pat^t 5.50% 5.54% 5.51% bExcepting one tender of $650,000. (18 percent of the amount of 91-day bids bid for at the low price was accepted.) (46 percent of the amount of 182-day bills bid for at the low price was accepted.) Totai Tenders Received and Accepted (By Federal Reserve District) pz-Day D^ajMzy BiJ/j AfaPtnwp /idy 6*, zpyd z&?-Day Tz^a^Mzy BfBy Afat^rmp y, zpyd Boston ........................ ............ New York .................. ............ Philadelphia ................ ............ Cleveland .................... ............ Richm ond.................... ............ Atlanta ........................ ............ Chicago ...................... ............ St. Louis .................... ............ Minneapolis ................ ............ Kansas City ................ ............ Dallas ........................... ............ San Francisco ............. ............ $ 82,270,000 4,120,790,000 21,630,000 87,705,000 50,610,000 49,885,000 622,115,000 69,150,000 63,985,000 36,530,000 36,620,000 355,865,000 $ 37,170,000 1,954,080,000 20,810,000 36,750,000 34,610,000 45,580,000 336,235,000 29,150,000 39,985,000 30,490,000 16,620,000 118,925,000 $ 47,310,000 4,697,155,000 44,970,000 87,380,000 151,415,000 40,220,000 258,785,000 62,180,000 59,720,000 24,245,000 36,505,000 220,615,000 $ 30,070,000 2,859,455,000 24,970,000 67,380,000 97,085,000 32,420,000 152,245,000 35,180,000 54,720,000 19,745,000 26,005,000 100,975,000 ................. ............ $5,597,155,000 $2,700,405,000' $5,730,500,000 $3,500,250,0004 TOTAL cIncludes $403,690,000 noncompetitive tenders from the public. 4Includes $223,580,000 noncompetitive tenders from the public. (Closing date for receipt of this tender is Monday, April 12, 1976) TENDER FOR 91-DAY TREASURY BILLS Additional Amount, Series Dated January 15, 1976, Maturing July 15, 1976 (T o Be Issu e d April 15, 1976) i'm vru .i o A i c.Aic.i\ i : me moiviouai identmabte miormation required on this form is necessary to permit the tender to be processed and the bills to be issued, in accordance with the General Regulations governing United States securities (Department Circular No. 300) and the Regulations governing Treasury Bills (Department Circular No. 418). The transaction will not be completed unless all required data is furnished. To BANK OF N E W Y O R K , Fiscal Agent of the United States Dated at FEDERAL RESERVE , 19___ Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi sions of the public notice issued by the Treasury Department inviting tenders for the above-described Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below: D o wot /ill in bo?/i C om petitive and N oncom petitive tenders on one form COMPETITIVE TENDER $............................................................. (maturity value) any lesser amount that may be awarded. or P ric e: ....................................................... per 100. (P ric e m n jt be e^rpre^red rvit/i no? m ore M an Mr?? decim al places, /o r exam ple, PP.P23) NONCOMPETITIVE TENDER $.............................................................. (maturity value) (W ot to exceed #300,000 / o r one bidder tbroMpb a ll ^o n rc ej) at the average price of accepted competitive bids. Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Pieces Denomination Maturity value $ 10,000 D 1. Deliver over the counter to the undersigned D 2. Ship to the undersigned 15,000 D 3. Hold in safekeeping (for mem ber bank only) in— D Investment Account General Account 50,000 100,000 500,000 Payment will be made as follows: D By charge to our reserve account D By cash or check in immediately available /nnds on delivery (Daymen? cannot be made t/ironpli Treasury Taar and Loan ^rcotin?) D 5. Special instructions: D Trust Account 1,000,000 n 4. Allotment transfer (see list attached) (No changes tit delivery furffMcFioHJ will 3c accented) Totals The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed to dispose of in the manner indicated in item 3 above are owned solely by the undersigned. ( N a m e o f s u b s c r ib e r — p le a s e p r in t o r ty p e ) Insert this render in special envelope ntar&ed "Tender /or Treasury Bills" ( A d d r e s s — in c !. C ity a n d S t a t e ) ( T e l . N o .) ( S ig n a t u r e o f s u b s c r ib e r o r a u th o r iz e d s ig n a t u r e ) ( T it l e o f a u th o r iz e d s ig n e r ) (Banking institutions submitting tenders for customer account must list customers' names on lines below or on an attached rider) ( N a m e o f c u s to m e r ) ( N a m e o f c u s to m e r ) INSTRUCTIONS: 1. No tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (maturity value). 2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may consolidate competitive tenders at tbe same priee and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit tenders except for their own account. 3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a member of the hrm, who should sign in the form ".................................................................................. , a copartnership, by ............................................................................. , a member of the firm." 4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. 5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury is material, the tender may be disregarded. "„/7 6 f ie ] (Closing date for receipt of this tender is Monday, Apri! 12, 1976) TENDER FOR 182-DAY TREASURY B!LLS Dated April 15, 1976 PRIVACY ACT STATEMENT: The individual identifiable information required on this form is necessary to permit the tender to be processed and the bills to be issued, m accordance with the General Regulations governing United States securities (Department Circular No. 300) and the Regulations governing Treasury Bills (Department Circular No. 418). The transaction will not be completed unless all required data is furnished. To Maturing October 14, 1976 Dated a t ........................................................... FEDERAL RESERVE B A N K OF NEW YORK, Fiscal Agent of the United States ........................................................ , 1 9 _ Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi sions of the public notice issued by the Treasury Department inviting tenders for the above-described Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below: Do /ill &0?A Competitive CMd forw: MO? !M V o M c o m p e titiv e te n d e r s o u o n ? COMPETITIVE TENDER $.............................................................. (maturity value) or any lesser amount that may be awarded. P rice: ....................................................... per 100. fPrice mart &e ejrprerred tot?A not more tAan tAree decimal placer, for f.fotM/'/f, PP.P23J NONCOMPETITIVE TENDER $....................................... - .................... (maturity value) (Wo? ?o earceed for oMe Udder tAroM^A a/? eoMrceeJ at the average price of accepted competitive bids, Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Pieces Denomination Maturity value $ 10,000 D 1. Deliver over the counter to the undersigned Q 2. Ship to the undersigned 15,000 n 3. Hold in safekeeping (for mem ber bank only) m— D Investment Account n General Account Q Trust Account 50,000 100,000 500,000 1,000,000 Payment will be made as follows: D By charge to our reserve account D By cash or check in immediately available /Mndr on delivery (PaymeM? coMMot &e made tArowyA PrearMry 7a.v aMd Z.oaM^ccoMM?) D 5. Special instructions: D 4. Allotment transfer (see list attached) Wo cAoM^er in delivery in.ftrMcticM-f toil! 6e accepted,) Totals The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed to dispose of in the manner indicated in item 3 above are owned solely by the undersigned. ( N a m e o f z u b sc r ib e r — p !e a ;e p r in t o r ty p e ) Insert this tender in special envelope marked "Tender /or Treasury Rills" ( A d d r e z s — in c !. C it y a n d S t a t e ) ( T e l . N o .) ( S ig n a t u r e o f s u b s c r ib e r o r a u th o r iz e d s ig n a t u r e ) ( T it l e o f a u th o r iz e d s ig n e r ) (Banking institutions submitting tenders for customer account must fist customers' names on lines below or on an attached rider) ( N a m e o f c u s to m e r ) ( N a m e o f c u s to m e r ) IN ST R U C T IO N S: 1. No tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (maturity value). 2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may consolidate competitive tenders a? tAe rame price and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit tenders except for their own account. 3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a member of the hrm, who should sign in the form ".................................................................................. , a copartnership, by ............................................................................. , a member of the firm." 4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. 5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. mv.3/76 [is]